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3 Facts to Know About RV Loans

Purchasing an RV is like purchasing a home to some people. Whether you’ll be living in it full-time or if it is your home away from home, chances are you will need an RV loan to finance it. Here are three things you should know about RV loans.

 

A Good Credit Score Is Important

 

Just like it is with auto loans, a good credit score is very beneficial when applying for an RV loan. Rates for RV loans are sometimes higher than rates for car loans, which is why you credit score is so important. You definitely want to get the lowest rate possible. If your credit score is bad, work on improving it before purchasing your RV. Should there be any errors in your credit report, dispute them immediately as these errors could be the reason for your bad score.

 

A Down Payment Is Helpful

 

Keep in mind that RVs depreciate in value rather quickly. Without a down payment, you could be upside-down on your loan without even realizing it. Always put some money down if you are able to. A down payment can also get you a better interest rate and will also bring down your monthly payment and reduce the length of the loan.

 

An RV Loan Is Harder to Get

 

Not everyone who purchases an RV is a full-time RVer without a mortgage payment. Most people already have a mortgage and probably even one or two auto loans when applying for an RV loan. Based on this, lenders are often more critical and need proof that you’re able to afford an additional loan. Make sure you know exactly how much RV you can afford so you can plan accordingly. The dealership where you’re purchasing your RV can help you shop the market for the best interest rate that fits your budget.

 

Preparation is essential when making a major purchase. As exciting as getting an RV is, you want to be knowledgeable before going shopping. With these three facts in mind, you are better prepared.

 

How to Get Approved for an In-House RV Loan

Owning a recreational vehicle can be one of life’s greatest pleasures. You can drive long distances in comfort and then kick back in its cozy interior at almost any rest area, RV park or campsite. If you’re ready to look for affordable RV loans, we’d like to offer you a few tips on increasing your chances of getting in-house financing approval from your local dealership.  

 

Have a Down Payment in Hand  

 

Before you approach any dealerships to obtain in-house financing, you might increase your chances of approval by having a down payment in hand. Generally, the larger the down payment, the better your odds. If you cannot save up cash, consider trading in a vehicle instead. If you take this route, you might want to know the value of your trade in so you can get the best deal possible. Having a sizeable down payment can also reduce what you might pay monthly.  

 

Pay Off Old Debt First  

 

Even if you have a fair credit score, paying off old debt before you seek out in-house financing can increase your chances of finding affordable RV loans. The more debt you can erase, the more favorably dealerships might look upon you in terms of financial risk. Small credit card balances, medical bills and outstanding collections are all debts you can work on paying off within the space of a year or less.  

 

Calculate More Than Just Monthly Payments  

 

When you calculate what you can afford for an RV, it’s a good idea to include all costs within your budget. Add on taxes, fees, the cost of fuel, insurance and maintenance fees, and you might have a better idea of what this vehicle will cost you when you buy it and how much you will have to spend to maintain it later. The more knowledgeable you are about costs, the easier it will be to work with your lender.  

 

Even if you have fair credit, RV loans still might be within your reach. Preparing to find these loans and having your finances in order can help you find one that suits your budget and your dreams of RV ownership.  

What You Need to Know About Financing an RV

If you want to explore the great outdoors and take your family with you, an RV can be a great choice. These vehicles can provide freedom and fun. Don’t let the idea of financing your RV dampen your dreams. Once you know a little more about RV loans, you can be ready to start your next adventure.

 

What Down Payment Do I Need?

 

As with the purchase of a house or a car, RV loans sometimes require down payments. Typically, you will need between 10 and 20 percent of the purchase amount to put down. However, some lenders offer no-money-down options for people with great credit.

 

What is the Length of the Loan?

 

These days, RV loans can come in all shapes and sizes. Some are more like car loans that have three-year lengths. However, you can extend your credit to 20 years, if needed.

 

It’s important to remember that the longer your loan, the more interest you will pay. If you can take a shorter loan term, it may be prudent to do so. However, the 20-year loans can be a great option if you require a lower monthly payment.

 

What Credit Do I Need?

 

RVs are luxury items, not necessities like cars. As such, there are often higher standards for lending. If your credit is not-so-great, you may want to improve it before you purchase an RV. However, if your credit is excellent, you can get exceptional loan terms.

 

What About Insurance?

 

Don’t forget that you need to insure your RV the same way you would protect a car or a home with a loan. Many lenders will require you to have insurance before you leave the lot. Be sure to contact your insurance agent to discuss rates and what you would need.

 

An RV can open up a whole world of adventures for you and your family. Before you sign the dotted line, be sure to understand the terms of your RV loan.

What You Need to Know About RV Loans

Purchasing a recreational is much like purchasing a car or house. If you can’t pay for it with cash you have to obtain financing. Here’s what we think you have to know about RV loans so you can secure the RV of your dreams.

 

Figure Out Your Budget

 

Before you go shopping, figure out how much RV you can afford. Take a look at your budget, including income, expenses and savings. Also consider any RV-related fluctuating expenses, such as maintenance and fuel. The amount of upkeep RVs require and their gas mileage vary. If you’re in the market for a motorhome, expect to pay more for maintenance as well as keep in mind that unlike a travel trailer or fifth wheel, it runs on fuel. The RV you end up getting depends on your needs and what you are able to afford.

 

Know the Factors That Influence Your Loan Rate

 

The rate you are able to secure for your loan depends on the term of your loan, your down payment and loan-to-loan value. Furthermore, the rate also depends on your credit history, credit score and repayment history. If you want to improve your rate, you can do this with a down payment and an excellent credit score.

 

Save Money for a Down Payment

 

As with any loan, putting down money can be very helpful in getting an RV loan. A large down payment reduces your monthly payments and can even bring down your interest rate. If you have a bad credit history, a down payment might be the only option for you to secure a good interest rate.

 

Improve Your Credit Score

 

Be sure to check your credit score before getting a loan. If your credit score is bad, figure out why it is bad and what you can do to improve it. Don’t hesitate to dispute credit report errors if you notice any. Furthermore, if feasible, do whatever it takes to improve your score, such as paying off any old debt.

 

These are valuable facts about RV loans that you should know. With all of this in mind you are one step closer to purchasing an RV.

Reducing the Stress of Paying Your RV Loan

Loans can be difficult to comprehend, but we can help steer you in the right direction and help ensure your RV loan is paid off as quickly and painlessly as possible. Owning a recreational vehicle is a great way to save money on vacations and provides you the freedom of taking a trip whenever you desire.

 

The Benefits of Owning a RV

 

Having a recreational vehicle can allow you to go on spontaneous trips and adventures with loved ones at any time and makes it simple to take vacations. It can also drastically reduce the price of your trips. When you and your friends have a place to stay and cook in, you can save a substantial amount of money and eliminate three of the largest expenses associated with traveling – transportation to and from, food and lodging. All the perks aside, if the thought of purchasing a RV seems daunting, we can help with finances and show you proven methods for paying off your recreational vehicle.

 

A Few Small Adjustments

 

If thinking about your loan causes stress and uncertainty, we are here to help ensure your loan gets paid off as quickly and painlessly as possible. We can share a few of our tricks for paying off RV loans faster including making multiple payments every month and adding an extra payment when you are financially capable. Over time, your loan can be paid off quicker and you will ultimately save more in the long run.

 

We know it can be difficult to wrap your head around recreational vehicle financing. Fortunately, we can assist you financially and help you get on the road as quickly as possible. By making a few adjustments to how you pay off your loan and how quickly you make payments, you can enjoy all the perks of owning an RV without being stressed about your loans.

Avoid These Pricey Mistakes When Financing Your New RV

More and more people are heading for the open road on vacations and for many, this means purchasing an RV. While a recreational vehicle can be a lot of fun for your family, you want to make it as affordable as possible. When you come to us at your dealership, you should have a few things in mind. Here are the mistakes many people make when taking out RV loans.

 

Not Calculating the Total Cost of Ownership

 

Buying an RV is more than just the monthly payment. You need to take into consideration other costs such as gas, maintenance and insurance rates. If you plan on storing it away from your home, you’ll need to add that in too. While we can get you the best rates on a loan, RV ownership can still be expensive.

 

Not Haggling on the Price

 

There is a big markup on RVs. Because of this, we expect you to negotiate a better price. Ask us what the lowest price is that we can offer. You can often save tens of thousands of dollars this way. Why would you want to pay more?

 

Owing More on an RV Than It’s Worth

 

Like any vehicle, RVs depreciate by a huge margin when you drive them off our lot. Because of this, you could fall into the trap of owing more on your loan than you would get back if you traded it in. To avoid this money pit, you should make as large a down payment on the vehicle as possible when you buy it. This will leave you owing less over time and you should be able to make a profit towards a new one when you trade it in.

 

Vacationing in an RV with your family or friends can be the experience of a lifetime, but you want to make it affordable. Side-step the troubles above by following our tips to make the most of your money. That way you’ll enjoy your vehicle for years to come.

3 Things Affecting Your RV Financing

If the open road beckons and you don’t want to spend time in a hotel or tent, then an RV might be in your future. Fortunately, just like with automobiles, there are RV loans available to help you afford your new home on wheels. Whether you’re looking for a fully decked-out Class A behemoth or a more reserved Class B camper van, if you can’t afford to pay cash, don’t worry, because there’s a financing option that’s right for you.

 

The Type of RV

 

When you’re in the market for a new recreational vehicle, the type of RV you’re interested in directly affects the loan you’re able to get. Plus, just like with cars, you get better interest rates with a newer RV. Also, some RVs have better safety features, which can make them more appealing to financing companies.

 

Your Credit Score

 

Your credit score is another factor affecting the interest rate of your RV financing. The lower your score, the higher the interest rate you pay, so it’s a good idea to keep an eye on your credit score before you look into financing your RV purchase. If your score is low, it makes financial sense to work on raising it before applying for any RV loans.

 

Dealership Financing

 

Once you’re ready to apply for your loan, you have some options including going through the RV dealership. While it can be harder to get an RV loan than an auto loan, your dealership might have special deals that third-party institutions cannot offer.

 

Buying a new recreational vehicle is a big step, and you should do your research before starting the process, especially if you are planning on applying for RV loans. Your dealership has the financing available to help you get into the RV of your dreams; it’s just going to take a little more paperwork to get you there.

Enhance Your Adventures With A Recreational Vehicle

If you have always dreamed of owning an RV, an rv loan may be just what you need to make your dreams come true. Banks offer loans for recreational vehicles whether you want it for a road trip and just to have in case an adventure presents itself. Despite what you may have heard, banks do offer flexible financing for recreational vehicles, both new and used, depending on your preferences.

 

Benefits Of Owning an RV

 

Owning an RV can save you a lot of money because it eliminates the need to pay for lodging when you go on adventures and vacations. It is essentially a home on wheels and you can decorate or customize it to your liking. Aside from saving you money on hotels, it can also save you money on food because you will have a place to store or even cook food if you purchase a recreational vehicle with a kitchen.

 

How To Get Approved For a Loan

 

Even if you have bad credit, you still have a chance of being approved for a loan. To increase your chances, it can be advantageous to seek out RVs that are less than ten years old and are in decent condition. Additionally, be prepared to put at least 10% down and try to find part time use RVs. Banks often try to avoid lending to people who are planning to stay in their vehicles full time. If they do approve you for a loan, the payments will be determined by various factors including the loan term and amount.

 

Owning an RV can be an exciting way to travel and go on adventures without breaking the bank. It can be your home on wheels and eliminates the need to pay for lodging everywhere you go. Getting approved for a loan can seem daunting, but through following a few simple tips you can get approved.

Making Your Traveling Dreams Come True with RV Financing

Purchasing an RV is a big decision because you’re basically buying a home. Whether it will be your vacation home or your primary home, an RV is going to be a major investment, so you want to get an RV loan that will suit your needs. However, even if you know a lot about car loans, you may not know what to expect when it’s time to talk about RV loans. There are some differences worth knowing about.

 

One of the factors that comes into play with RV loans is the type of RV you are purchasing. There are many types of RVs out there, both new and used. There are Class A, B and C motorhomes, travel trailers, fifth wheel trailers, folding trailers and many others. You have to find a lender who will cover your type of RV and provide reasonable financing terms. We work with lenders who we have built strong relationships with so we can finance the types of products we sell at a competitive rate.

 

It’s also important to consider how your payments will be made, particularly if you plan to be on the road a lot. Will you be working with a lender who can automatically deduct your monthly payment? This is particularly important if you are planning to use the RV as your primary home. You may not want to operate on a paper bill system. Let us know so we can steer you towards the lender who can service your account best.

 

Finally, be sure and keep your budget in mind when purchasing an RV. Most owners of RVs will tell you that no RV owners ever complained that their RV was too big; if anything, they wish they had bought a bigger unit. That’s what RV loans are for, so let us help get you in to the RV you’re looking for with financing you can afford, and before you know it, you’ll be roadtripping!

Things to Consider When Purchasing an RV

A recreational vehicle is a fun and exciting way to travel or vacation, but there are many models to choose from and many options to consider when buying an RV. Whether for fully self-contained, luxury lodging feel of a full size class A, or the more “traditional camping” feel of a pop-up trailer, there is an RV to meet every need. And whether your vacation vehicle of choice has you spending thousands or hundreds of thousands, RV loans, are available to assist with the financial aspect of the purchase.

Size

Picking the right size RV is essential.  Too small of a unit can feel cramped and make vacationers feel uncomfortable in the space.  Consideration should be taken for worst case scenarios. Is there enough room for all to relax comfortably if the weather turns bad and an outdoor vacation turns into an indoor vacation? On the other hand, buying more RV than is needed can carry a hefty financial burden. Not only are larger vehicles more expensive, but if the increased fuel consumption of the larger unit may make people wary to use it except on “special occasions”. A perfectly sized RV will have enough room for all, while maintaining ease of frequent use and maximum enjoyment.

Drive or Tow

The key element of an RV is, of course, transportability. Consideration must be made for how it will get from adventure to adventure. Will it be driven or will it be towed? There are arguable pros and cons to both choices, but the first question to be asked may be “with what”.  Does the tow vehicle we currently own have sufficient power to effectively pull an appropriately sized camper trailer? If not, a class A,B or C drivable RV may be a better option than purchasing both an RV AND a new tow vehicle to pull it.

Price and Payments

Most RV dealers will have a selection for every price range as well as in house financing for RV loans. A perfect RV purchase will keep the payments affordable each month. Even so, a certain level of “motivational spending” may remind people that they need to get their money’s worth – pushing them to more RV adventuring and a happier experience.